A high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block Aiteo Eastern E&P Company Limited from taking legal action when a suit initiated by them against the oil firm has not been resolved.
About 75 per cent of that funding came from AFC and the banks, regarded as “the onshore lenders”, via a Nigerian-law governed facility agreement known as “the Onshore Facility Agreement”. The rest came from Shell in the form of vendor financing via an English-law governed agreement and was dubbed “the Offshore Facility Agreement”.
PREMIUM TIMES understands that the basis of the claim concerned allegations of force majeure which led to requests by the borrower to restructure the facility agreements. Force majeure is an unforeseeable circumstances that prevent a party from fulfilling a contract. The borrower argued that since the lenders refused to restructure, there was no default.
Both parties have since engaged in commercial negotiations over the alleged debt. In one of its written evidence, the claimants argued that the loans, being in “extremely large amounts”, were “systemically important loans within the Nigerian banking system” and “represent significant credits on the books of the Onshore Lenders and a default under the loans would be a very serious matter for each Lender”.
Source: Loan Digest (loandigest.net)
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